Telefonica SA

Good morning, thank you for standing by and welcome to Telefónica's January-December 2024 results conference call. At this time all participants are in a listen-only mode. Later we will conduct a question and answer session. If you'd like to ask a question, please press star followed by 1 1 on your telephone keypad. You will then hear an automated message advising your hand is raised. To answer your question, please press star 1 1 again. We will kindly ask you to ask a maximum of two questions per participant. As a reminder, today's conference is being recorded. I would now like to turn the call over to Mr. Adrián Zunzunegui, Global Direction of Investor Relations. Please go ahead, sir.

Good morning and welcome to Telefónica's conference call to discuss January-December 2024 results. I am Adrián Zunzunegui from Investor Relations. Before proceeding, let me mention that the financial information contained in this document has been prepared under international financial reporting standards as adopted by the European Union. This financial information is un-audited. This conference call and webcast, including the Q&A session, may contain forward-looking statements and information relating to the Telefónica group. These statements may include financial or operating forecasts and estimates or statements regarding plans, objectives, and expectations regarding different matters. All forward-looking statements involve risks and uncertainties that could cause the final developments and results to materially differ from those expressed or implied by such statements. We encourage you to review our publicly available disclosure documents filed with the relevant securities market regulators. If you don't have a copy of the relevant press release and the slides, please contact Telefónica's Investor Relations team in Madrid or London. Now let me turn the call over to our Chairman and CEO, Mr. Marc Murta. Good morning, everyone. Let

me start by saying that I am honored to address you in my first earnings call as Chairman and CEO of Telefónica. I have prioritized the conduction of a tour across our operations. I see both significant strengths and opportunities to enhance our execution and our long-term shareholder value creation. Our position in high-quality core markets reflects both our heritage and potential. The market leadership we've achieved in Spain and Brazil, combined with our strategic positions in Germany and the UK, gives us a relevant reach and scale. While we have built strong operational capabilities, I see opportunities to deploy these more effectively across our footprint. I will share with you more when ready, but my vision is to accelerate the performance of this great company, raise the level of ambition, simplify it where prudent, and ultimately drive the corporate valuation higher over time. This year's performance can demonstrate the fundamental strengths of our business model. Despite a dynamic macro environment, we've delivered growth across our key metrics, including free cash flow. Today's rapidly evolving landscape, we must adapt rapidly to capture our full potential. Our strengths, as I see it, rest on three pillars. First, scale customer relevance, with increasing customer satisfaction and growing NPS over a total customer base of 390 million. Second, we are a world-class infrastructure company, leaders in fiber and in copper shutdown in Europe. And third, our strong and proven know-how with senior and experienced management in place. Looking ahead, I believe it is time to elevate our ambition and boost our strategic plan in a new time in Europe. I see opportunities to accelerate execution across our business, from our core connectivity service to our growing B2B technology solution under an industrial rationale. We should further intensify our focus on core markets and activities through and portfolio optimization, whilst maintaining efficient capital allocation. The European telecom industry should move in more Eurocentric decisions. The pace of technological disruption and investment requires demand that we move faster and more decisively with consolidation, driving future growth. Telefonica is uniquely positioned to lead in this evolving landscape, given our operational excellence and technical capabilities, within what I believe to be a more favorable regulatory framework. My immediate focus is on increasing our operational velocity, evaluating all options for shareholder value creation and enhancing speed to market whilst building on Telefonica's strong foundations. We have significant opportunities to drive business performance and accelerate value creation through financial discipline, and with free cash flow as the key metric to focus. You will learn more later this year as I plan to share findings from the strategic reflection and review that we will conduct during the next few months before the year end. I am committed to making Telefonica the best that it can be, controlling what is within our control and more. In the meantime, once we have the right assets and the right knowledge, we will continue executing but with greater speed and decisiveness to deliver. I will now hand over to Angel, who will guide you through Q4 and the financial year 2024 results, as well as the performance of our core operating businesses.